# TietoEVRY (TIETO.HE)

Canonical: https://gigainvestors.com/s/TIETO.HE

Analysis as of: 2026-10-16T07:40:20.355Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 18.64 per share; close as of 2026-10-15.

Estimated value: low EUR 15.16 per share, central EUR 16.91 per share, high EUR 19.25 per share. Buy at or below the central value EUR 16.91 per share. Valuation as of 2026-10-16T07:40:20.355Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FI 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: 0.07×

- FY2020: 0.05×

- FY2021: 0.10×

- FY2022: 0.08×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.11×

### moat: fail

- Recent gross margin fell 9.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 33.3%

- ROIC, second-lowest year: 19.9%

- Typical minus recent gross margin: 9.2 pp

- Typical gross margin (annual median): 24.8%

- Recent gross margin (lower of latest and 3-year median): 15.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 8.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 56.8%

- FY2017: 57.3%

- FY2018: 69.6%

- FY2019: 13.2%

- FY2020: 19.9%

- FY2021: 42.6%

- FY2022: 31.8%

- FY2023: 31.6%

- FY2024: 19.9%

- FY2025: 34.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.74×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 781M

- Net income, five-year total: EUR 449M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: 3.4 pp

- Working capital / revenue, final three-year average: 14.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.14×

- FY2022: 1.11×

- FY2023: 1.15×

- FY2024: -2.81×

- FY2025: 0.97×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 57.3% vs 31.6%

- Per-share earnings: 1.45 to -0.53 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.9%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR 260M

- Cumulative retained earnings: EUR -165M

- Diluted shares, 10-year annual growth: 4.9%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -1.98

- Per-share value, starting three-year median: EUR 1.45

- Per-share value, ending three-year median: EUR -0.53

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.1B

- Cumulative net income, 10 years: EUR 961M

- ROIC, first three-year median: 57.3%

- ROIC, last three-year median: 31.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.45

- FY2017: EUR 1.46

- FY2018: EUR 1.67

- FY2019: EUR 1.07

- FY2020: EUR 0.80

- FY2021: EUR 2.46

- FY2022: EUR 1.59

- FY2023: EUR 1.45

- FY2024: EUR -0.53

- FY2025: EUR -1.18

### accounting: pass

- Sloan accruals: -19.1%

- Receivables to sales index (DSRI): 0.57×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.41×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.9%

- FY2017: -3.8%

- FY2018: -4.3%

- FY2019: -5.2%

- FY2020: -7.2%

- FY2021: -2.1%

- FY2022: -2.6%

- FY2023: -2.7%

- FY2024: -12.7%

- FY2025: -19.1%

## Holders

## Price story

Down 38% since Feb 2023 · "Non-Cash Impairment: EUR80 million related to the banking platform in Norway." (finance.yahoo.com, Jul 2025) · sales -1.4%

Story as of 2026-10-16T10:00:11.391Z; price observation 2026-10-15.

Price needs cash profits to grow 2.3% a year for ten years

### Sales · FY2024–2025

sales -1.4%; source https://filings.xbrl.org/549300EW2KM4KROKQV31/2025-12-31/ESEF/FI/0/549300EW2KM4KROKQV31-2025-12-31-fi/reports/549300EW2KM4KROKQV31-2025-12-31-fi.xhtml; observed 2026-02-17.

- FY2016: EUR 1.5B 

- FY2017: EUR 1.5B 

- FY2018: EUR 1.6B 

- FY2019: EUR 1.7B 

- FY2020: EUR 2.8B 

- FY2021: EUR 2.8B 

- FY2022: EUR 2.9B 

- FY2023: EUR 2.9B 

- FY2024: EUR 1.9B 

- FY2025: EUR 1.9B 

### Gross margin · FY2025

gross margin 15.6%; source https://filings.xbrl.org/549300EW2KM4KROKQV31/2025-12-31/ESEF/FI/0/549300EW2KM4KROKQV31-2025-12-31-fi/reports/549300EW2KM4KROKQV31-2025-12-31-fi.xhtml; observed 2026-02-17.

- FY2016: 27.0% 

- FY2017: 25.8% 

- FY2018: 25.4% 

- FY2019: 27.9% 

- FY2020: 24.2% 

- FY2021: 23.4% 

- FY2022: 21.4% 

- FY2023: 28.8% 

- FY2024: 14.6% 

- FY2025: 15.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in information technology services; annual sales are EUR 1.9 billion.

- Source: https://filings.xbrl.org/549300EW2KM4KROKQV31/2025-12-31/ESEF/FI/0/549300EW2KM4KROKQV31-2025-12-31-fi/reports/549300EW2KM4KROKQV31-2025-12-31-fi.xhtml (filed 2026-02-17); FY2025: revenue 1852300000; grossProfit 289400000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TIETO.HE: Tieto Oyj operates as a software and digital engineering company in Norway, Sweden, Finland, and internationally. It operates through four segments: Tieto Tech Consulting, Tieto Banktech, Tieto Caretech, and Tieto Indtech Services. The Tieto Tech Consulting segment provides business advisory and design, data engineering, and other software research and development services. The Tieto Banktech segment offers Banking-as-a-Service platform and software products for payments, cards, wealth management, financial crime prevention, and credit domains. The Tieto Caretech segment provides modular, open, and interoperable software for customers in the health and social care sectors. The Tieto Indtech segment offers software and services to various industries, such as case management, pulp, paper, and fiber; and supports processes, including billing and invoicing and industry messaging, as well as purchase-to-pay process automation. It serves automotive, banking and financial services, education, energy and utilities, healthcare and welfare, manufacturing, public sector, pulp, paper, fibre, packaging and tissue, and telecom sectors. The company was formerly known as TietoEVRY Oyj and changed its name to Tieto Oyj in March 2026. Tieto Oyj was incorporated in 1968 and is headquartered in Espoo, Finland.

### Why customers stay

Margins ranged from 14.6% to 28.8% during 2023–25; it earns 33.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 28.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 14.6%.

- Source: https://filings.xbrl.org/549300EW2KM4KROKQV31/2025-12-31/ESEF/FI/0/549300EW2KM4KROKQV31-2025-12-31-fi/reports/549300EW2KM4KROKQV31-2025-12-31-fi.xhtml (filed 2026-02-17); FY2025: grossProfit / revenue = 15.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.5684415400513994],[2017,0.5731274329469137],[2018,0.695660553110847],[2019,0.13220383048791057],[2020,0.19936812077409735],[2021,0.426193428082881],[2022,0.3177068393471706],[2023,0.3159616696644545],[2024,0.19932237079869894],[2025,0.34879310344827585]]; median 0.3332499713977232. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 5.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 1852035.884160757; upkeep 59847964.11583924; owner earnings 101252035.88416076. Growth capex / owner earnings = 0.018291344642981922.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 47000000; owner earnings 115500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 45000000; owner earnings 133200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 0; upkeep 51400000; owner earnings 73540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 0; upkeep 83500000; owner earnings 130780000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 0; upkeep 80800000; owner earnings 333000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 0; upkeep 95400000; owner earnings 208700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 0; upkeep 84100000; owner earnings 198260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 85600000; owner earnings 176780000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,99300000],[2017,101000000],[2018,103400000],[2019,107400000],[2020,75300000],[2021,156400000],[2022,165800000],[2023,171700000],[2024,174200000],[2025,177700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300EW2KM4KROKQV31/2025-12-31/ESEF/FI/0/549300EW2KM4KROKQV31-2025-12-31-fi/reports/549300EW2KM4KROKQV31-2025-12-31-fi.xhtml (filed 2026-02-17); FY2025: cash repurchases 5900000 EUR.

### Are managers owners

Insiders own 13.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TIETO.HE SharesStats.PercentInsiders = 13.119 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate 0.020068200757402788. Price 18.64; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.4065443762030103 → FY2025 -1.148378457236437. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 24.99 per share

- 2016-11: EUR 23.94 per share

- 2016-12: EUR 25.92 per share

- 2017-01: EUR 25.66 per share

- 2017-02: EUR 26.30 per share

- 2017-03: EUR 25.53 per share

- 2017-04: EUR 28.81 per share

- 2017-05: EUR 29.06 per share

- 2017-06: EUR 27.07 per share

- 2017-07: EUR 26.80 per share

- 2017-08: EUR 26.57 per share

- 2017-09: EUR 25.79 per share

- 2017-10: EUR 26.31 per share

- 2017-11: EUR 26.29 per share

- 2017-12: EUR 25.98 per share

- 2018-01: EUR 28.00 per share

- 2018-02: EUR 29.16 per share

- 2018-03: EUR 27.08 per share

- 2018-04: EUR 29.74 per share

- 2018-05: EUR 29.80 per share

- 2018-06: EUR 27.76 per share

- 2018-07: EUR 26.64 per share

- 2018-08: EUR 27.96 per share

- 2018-09: EUR 26.64 per share

- 2018-10: EUR 28.46 per share

- 2018-11: EUR 25.48 per share

- 2018-12: EUR 23.58 per share

- 2019-01: EUR 25.02 per share

- 2019-02: EUR 26.00 per share

- 2019-03: EUR 27.20 per share

- 2019-04: EUR 25.32 per share

- 2019-05: EUR 25.20 per share

- 2019-06: EUR 26.06 per share

- 2019-07: EUR 23.08 per share

- 2019-08: EUR 22.38 per share

- 2019-09: EUR 23.50 per share

- 2019-10: EUR 25.50 per share

- 2019-11: EUR 26.08 per share

- 2019-12: EUR 27.72 per share

- 2020-01: EUR 29.48 per share

- 2020-02: EUR 25.64 per share

- 2020-03: EUR 19.78 per share

- 2020-04: EUR 22.24 per share

- 2020-05: EUR 23.68 per share

- 2020-06: EUR 24.28 per share

- 2020-07: EUR 24.90 per share

- 2020-08: EUR 25.20 per share

- 2020-09: EUR 23.60 per share

- 2020-10: EUR 21.40 per share

- 2020-11: EUR 26.58 per share

- 2020-12: EUR 26.86 per share

- 2021-01: EUR 27.14 per share

- 2021-02: EUR 25.64 per share

- 2021-03: EUR 26.42 per share

- 2021-04: EUR 28.80 per share

- 2021-05: EUR 26.44 per share

- 2021-06: EUR 26.64 per share

- 2021-07: EUR 28.36 per share

- 2021-08: EUR 30.16 per share

- 2021-09: EUR 26.00 per share

- 2021-10: EUR 26.50 per share

- 2021-11: EUR 25.74 per share

- 2021-12: EUR 27.48 per share

- 2022-01: EUR 26.30 per share

- 2022-02: EUR 25.00 per share

- 2022-03: EUR 24.14 per share

- 2022-04: EUR 23.94 per share

- 2022-05: EUR 23.52 per share

- 2022-06: EUR 23.56 per share

- 2022-07: EUR 26.50 per share

- 2022-08: EUR 25.52 per share

- 2022-09: EUR 23.26 per share

- 2022-10: EUR 24.14 per share

- 2022-11: EUR 25.92 per share

- 2022-12: EUR 26.52 per share

- 2023-01: EUR 27.94 per share

- 2023-02: EUR 30.06 per share

- 2023-03: EUR 28.92 per share

- 2023-04: EUR 28.96 per share

- 2023-05: EUR 25.68 per share

- 2023-06: EUR 25.28 per share

- 2023-07: EUR 23.20 per share

- 2023-08: EUR 22.58 per share

- 2023-09: EUR 21.30 per share

- 2023-10: EUR 19.78 per share

- 2023-11: EUR 20.14 per share

- 2023-12: EUR 21.54 per share

- 2024-01: EUR 21.54 per share

- 2024-02: EUR 21.56 per share

- 2024-03: EUR 19.61 per share

- 2024-04: EUR 17.74 per share

- 2024-05: EUR 18.54 per share

- 2024-06: EUR 18.04 per share

- 2024-07: EUR 18.73 per share

- 2024-08: EUR 19.00 per share

- 2024-09: EUR 18.55 per share

- 2024-10: EUR 17.10 per share

- 2024-11: EUR 16.90 per share

- 2024-12: EUR 17.02 per share

- 2025-01: EUR 18.58 per share

- 2025-02: EUR 18.08 per share

- 2025-03: EUR 15.99 per share

- 2025-04: EUR 15.78 per share

- 2025-05: EUR 16.08 per share

- 2025-06: EUR 16.10 per share

- 2025-07: EUR 15.10 per share

- 2025-08: EUR 15.96 per share

- 2025-09: EUR 15.40 per share

- 2025-10: EUR 18.61 per share

- 2025-11: EUR 17.90 per share

- 2025-12: EUR 18.30 per share

- 2026-01: EUR 18.32 per share

- 2026-02: EUR 18.98 per share

- 2026-03: EUR 18.70 per share

- 2026-04: EUR 19.00 per share

- 2026-05: EUR 20.64 per share

- 2026-06: EUR 18.30 per share

- 2026-07: EUR 18.54 per share

- 2026-08: EUR 19.84 per share

- 2026-09: EUR 18.06 per share

- 2026-10: EUR 18.58 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 14.32 per share, central EUR 16.25 per share, high EUR 18.81 per share

- FY2017: low EUR 16.16 per share, central EUR 18.30 per share, high EUR 21.15 per share

- FY2018: low EUR 18.57 per share, central EUR 20.88 per share, high EUR 23.96 per share

- FY2019: low EUR 20.88 per share, central EUR 23.53 per share, high EUR 27.05 per share

- FY2020: low EUR 19.11 per share, central EUR 21.51 per share, high EUR 24.72 per share

- FY2021: low EUR 21.76 per share, central EUR 24.45 per share, high EUR 28.03 per share

- FY2022: low EUR 21.04 per share, central EUR 23.69 per share, high EUR 27.22 per share

- FY2023: low EUR 19.79 per share, central EUR 22.31 per share, high EUR 25.66 per share

- FY2024: low EUR 13.66 per share, central EUR 15.36 per share, high EUR 17.62 per share

- FY2025: low EUR 13.09 per share, central EUR 14.77 per share, high EUR 17.00 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:46:05.024Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300EW2KM4KROKQV31/2025-12-31/ESEF/FI/0/549300EW2KM4KROKQV31-2025-12-31-fi/reports/549300EW2KM4KROKQV31-2025-12-31-fi.xhtml); period 2025-12-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.